Apollo reaches for bigger slice of pi(e) with 5% Diameter stake
Apollo Global Management has bought a 5% stake in credit fund and CLO manager Diameter Capital Partners, cementing the relationship between the firms

Nomura readies multi-strat credit interval fund launch
Nomura Private Capital is readying the launch of a new, closed-ended interval fund which will invest across the credit spectrum - including bonds, loans, CLOs, distressed debt emerging market debt

Waterfall pair earn promotion to partner
Waterfall Asset Management says it has appointed a residential loan specialist and a structured credit investor to partner 

CLO inflows could hit $60 billion as knock on from student loan forgiveness, says BofA
US president Joe Biden’s student loan forgiveness programme could lead up to $60 billion flowing into the CLO market, according to research from BofA

Widening asset/liability gulf will hurt CLOs: Barclays
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found

Credit structuring head lands at Deutsche Bank in expanded role
Deutsche Bank has hired former Credit Suisse global credit structuring head Paul Bajer in a broader remit as global co-head of cross asset structuring

Short duration CLOs are putting reset risk in the post: Barclays
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned

Credit funds at a glance (August 2022)
A round up of fundraising and people moves in credit
   

Credit hedge funds (August 2022)
Credit hedge fund returns  

Fund performance: Select funds shine in dreary June for credit hedge funds
Credit funds suffered through June, as only 8% of listed funds reached the black. This made June the fourth month in a row in which negative returns increased

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Eagle Point expands into structured products including SRTs with big hire
Eagle Point Credit Management has hired a head of ABS, MBS SRT and specialty finance, in a move which underlines the firm’s progression from a CLO equity investor to a broader credit asset manager.

John Hancock and Marathon join forces on ABL fund with structured credit bucket
John Hancock Investment Management has teamed up with Marathon Asset Management for an asset-based lending fund, which can invest a portion of capital in liquid structured credit such as CLOs

Putnam adds to CLO comeback with second new issue
Putnam Investments, which made a return to CLOs in 2021 after a 17-year absence, has priced its second new issue deal of that comeback with triple A coupons starting at 200bp

Natixis makes structured credit promotions after key figure departs
Natixis has responded to the departure of its co-head of global structured credit, solutions and credit trading, by making several promotions

Blue Owl hires two CLO veterans from sell side
Blue Owl has three experienced CLO structurers on its team after adding hires from Natixis and Mizuho to an earlier hire from Barclays 

"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
Something has gotta give as a recession looms in the US. Might it be energy?

Fund performance: Rocky May piles on the misery for credit hedge funds
Negative fund performance soared in May

Credit hedge funds (July 2022)
Credit hedge fund returns

Credit funds at a glance (June 2022)
A round up of fundraising and people moves in credit  

Seeds sewn for carbon credit market to flower into CLOs
Long-time structured credit specialist Jan Phillip Wassenaar has joined start-up NatureCredits as a senior advisor to support the evolving carbon credit industry

Regulators give securitisation another tranche
A gloomy economic outlook and drought in primary markets cast a deflated mood over last month’s Global ABS 2022 conference in Barcelona. But regulators and central banks’ encouraging attitude towards securitisation was in sharp contrast

LP round up: 28 credit managers win $6.6 billion as San Diego carves private credit allocation
Pensions allocated over $6.6 billion to credit managers in June including Angelo Gordon, Antares, Apollo, Ares, Beach Point, BioPharma, Brookfield, CarVal, Cerberus...

Euro double As and US triple As offer best value in CLOs: BNP Paribas
Secondary market double A rated tranches offer the best relative value in European CLOs’ capital structures, while US triple As in primary starting to look attractive, according to BNP Paribas credit strategists